Million of Indians, including the Prime Minister Narendra Modi, supported Indian cricket team playing the World Cup final match on Sunday winning nine matches at a stretch. However, the team lost in the finals. It was a painful matter indeed.
However, a proud moment for the country took place on Sunday.
The International Monetary Fund (IMF) declared that the Indian economy crossed $ 4 trillion on Sunday. When PM Modi declared that the country targeted to become a $5 million economy by 2025, many opposition leaders heckled Modi criticising it as impracticable.
The IMF attributed India becoming $ 4 trillion economy to good governance by Modi government and its strategic policies. It became clear that India is set to become a $ 5 trillion economy by 2025 as targeted.
Not only did the IMF but also several international agencies described India as one of the fastest growing economies in world. Economists and industrialists praised the leadership of the country stating that the world came to know about the leadership with foresight.
The IMF exuded confidence that India, from the perspective of the global GDP, would surpass Japan’s economy – $ 4.4 trillion – and German economy – $ 4.3 trillion and set to emerge as the third biggest economy in the next two years.
RBI Governor Saktikanta Das said that the country is set to achieve the most surprising results if the economic activities that gained momentum in the country were any indication.
Economic Advisor to the Union Government Ananta Nageswaran exuded confidence that India will emerge as the $ 7 trillion economy in the next seven years. The startups would have a crucial role in the phenomenon. Director-General of Foreign Trade Santosh Kumar Sarangi declared that the e-commerce exports also play a significant role in the country’s economic growth. He predicted that the e-commerce exports would cross $ 2 trillion from the current annual $ 800 billion.
The living standards of people have increased and poverty has come down significantly in India, remarked economist Vivek Rathi.
In 1990, after 60 years of India becoming independent, it became a $ 1 trillion economy. In 2014, i.e. after 14 years, the GDP of the country touched $ 2 trillion-mark.
Soon after coming to power, Modi prepared a road map to transform the country into a $ 5 trillion economy. However, because of the Covid, the economy slowed down in 2019 to an extent. The Ukrain-Russia war, Israel-Palestine clashes put many challenges before India. In spite of all this, the country’s economy is recovering beyond all expectations because of the economic policies being pursued by Modi.
Modi government’s economic policies stand as proof of the country emerging as the fifth largest economy in world, surpassing Britain, by achieving 7.2% growth rate in 2023.
Strategic liberalisation policies, the insolvency and bankruptcy code, demonetisation, reduction in the GST and corporate taxes and introduction of reforms in the tax regime, production-linked-incentives, make-in-India policy, reduction of wasteful expenditure, doing away with the outdated Acts, pursuing the competitive federation policy among states, fiscal disciplinary measures to prevent states from borrowing excessively, unprecedented digitalisation of services and production sectors lend much fillip to the economy.
Modi undertook several foreign jaunts and restored ties with various countries and succeeded in transforming the personal contacts into economic ties. Through the improvement of strategic relations with Japan, Australia and the USA, India joined the Quad, entering into business and technological ties with Israel, UAE, Canada, European Union and the African nations and hosting global events like G-20 and Sanghai Cooperation Organisation, Modi lent a strong voice to the global south.
One can say with authority that no other PM than Modi had realised the significant role of development of infrastructural amenities in the development of the country. Allocation of Rs 10 lakh crore in the last year’s budget under the head capital expenditure stands as a testimony to this fact.
Prior to 2014, the development of metro lines was only 600 metres a month, as against 6 km a month during the Modi regime. Today, rural road network spread over 8 lakh km in the country as against less than 4 lakh km of rural roads prior to 2014.
The country had only 70 airports prior to 2014 as against the current 150. Today 600 cities have the city gas distribution system as against only 60 prior to 2014.
Under the name of AMRUT Kaal, Modi designed programmes for the rapid development of the nation during the next 25years.
The country emerged as an attractive destination for global investors during the Modi’s regime. At the same time, the NitiAyog report said that the poverty in the country has come down significantly under the Modi regime. Over 13.5 crore persons managed to come out of poverty, the report added.
Providing food security to over 80 crore population by providing free food grains to them is a significant achievement. Eliminating the middlemen, money is deposited direct into bank accounts of people under variouens governmt welfare schemes. It was hailed as a wonderful achievement.
The government policies helped the sectors of fruits and vegetables, dairy and animal husbandry products and fisheries achieved unusual development. While the whole world recognises these achievements, it was unfortunate to note that our opposition parties and some members of the intelligentsia have no other agenda except criticising Modi.